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Monday, 21 January 13
PANAMAX DRY BULK CARRIERS AND AFRAMAX TANKERS PROVED TO BE THE "WEAPON OF CHOICE" FOR MOST SHIP OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
 With ship financing getting ever so difficult to procure during the past year or so, ship owners had to get creative in order to persuade banks and other financing firms to invest in them and their good judgement when it comes to choosing the best available deal. As a result, 2012 bore witness to several prominent shipping entities teaming up with powerful players from the financial scene in order to back their purchasing efforts with the use of the more liquid US money markets. Intermodal's latest weekly report asked the question of "how could ship owners have generated sufficient interest towards such a highly cyclical and volatile industry during such times of uncertainty?"
According to Intermodal's Christos Mantzios, "one answer could possibly be the close to historical lows asset prices, thus reducing substantially the cost of acquiring such an asset and therefore making the entry into said market a more viable possibility from a medium-term investment perspective.
Although the market entry point for both the dry bulk and tanker assets is at relatively low levels, the “bottom of the barrel scrapping” charter rates experienced throughout 2012, as well as the poor market fundamentals for 2013 (daunting overcapacity), should have caused most of these major financial players to show a preference in the tanker market which showed more promise during 4Q2012. This revived strength in the tanker market (dirty during 3Q and clean during 4Q) was epitomised by the fresh wave of new ordering at S.Korean yards by major market players such as BP (Aframax , Suezmax), Sinokor (MR) and US-listed Scorpio Tankers (MR) towards the end of the year. But if the current state of the dry bulk market was so bad, why the increased interest in Panamax bulkers? In 2012 Panamax bulkers accounted for 26% of all dry bulk SnP deals, compared to only 19% in 2011. At the same time the majority of these involved older aged units (10-15year old) which seemed to also show the strongest drop in prices. This generated a strong appetite for Panamax tonnage, especially amongst Greek owners, pushing for en masse acquisitions of the numerous available Japanese candidates built in the 1996-2002 bracket" said Mantzios.
He added that "buyers have on their side the fact that asset prices for both Panamax bulkers and Aframax tankers are close to their historical lows. The value of a 5 year old Panamax bulker currently stands at approximately USD 17.5mill, a far cry from the USD 26-27mill required a year ago..... For a 10 year old vessel the figure is around USD 12-12.5mill and for a 15 year old its less than USD 10mill.. That is a substantial difference from Nov 2011 when the price for a 10 year old Panamax stood at USD 21mil. Of course, back in Nov 2011 such a vessel was seeing earnings in the region of USD 13,000-14,000/day compared with USD 8,000/day currently seen for 1 year TC. This may well be part of the explanation as to why prices have eroded over the past year, but it’s important to also note that the replacement cost (newbuilding price) for such a vessel back then was in the region of USD 29mill, while it now stands at around USD 25,5mill. Therefore it has started to make much more sense today to buy a 10 year old Panamax bulker then placing an new order compared to roughly a year ago where a 10 year old Panamax bulker was equal to 70% of the then price of a newbuilding (comparably this same percentage is now 46.6%)" he said.
Intermodal's analysis also indicated that "on the Aframax front the explanation could be slightly different due to the fact that a 10 year old vessel was worth USD 20,5mill and faring USD 14,000/day back in Nov 2011 and a replacement cost of USD 52,5mill, compared with a value of just under USD 17mill, TC of USD 14,000/day and newbuilding price of USD 48-49mill respectively in today's market. Thus the answer possibly lies in the supply/demand landscape which for Afras stands most favourably, with the orderbook representing 5% of the existing fleet which is by far the best ratio in not just all the tanker but also the bulker segments. But stronger buyers’ appetite might eventually be good news for owners/sellers of same tonnage, as it would help keep prices more buoyant and even allow them to strengthening again at some point" the report concluded.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Saturday, 12 January 13
SUB-BIT FOB INDONESIA COAL SWAPS: WEAK
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average Q1’ 2013 delivery has lost 0.32 percent WoW but CFR South China coal ship ...
Saturday, 12 January 13
HIGHER COAL PRICES: SEASONAL EFFECT
COALspot.com : Bahana Securities, one of the leading securities in Indonesia, said in its latest coal outlook that, on US and China&rsquo ...
Friday, 11 January 13
HBA HAS JUMPED BY US$ 5.80 PMT IN JANUARY 2013
COALspot.com - The Indonesian government has declared bench mark price for coal higher than December price. The monthly coal reference price f ...
Thursday, 10 January 13
PANAMAX : SOME GLIMMERS OF HOPE MID WEEK - FEARNLEYS
According to Fearnley’s weekly report, the Atlantic handy market is stable with rates around USD 11k for Cont-Feast and USD 17k bss USG/Feast. ...
Thursday, 10 January 13
DRY BULK PANAMAX MARKET HEAVILY OVERSUPPLIED, UNLIKELY TO FIND SUPPORT IN 2013 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite positive indication for a significant surge of dry bulk demand this year, the oversupply problems of the market, will continue to weigh heav ...
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- ICICI Bank Limited - India
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- Economic Council, Georgia
- PNOC Exploration Corporation - Philippines
- Australian Commodity Traders Exchange
- Barasentosa Lestari - Indonesia
- Power Finance Corporation Ltd., India
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- White Energy Company Limited
- Cement Manufacturers Association - India
- Coalindo Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Siam City Cement - Thailand
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- Orica Mining Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Directorate Of Revenue Intelligence - India
- Kartika Selabumi Mining - Indonesia
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- Petron Corporation, Philippines
- Mjunction Services Limited - India
- Standard Chartered Bank - UAE
- Mercuria Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- SMC Global Power, Philippines
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- Ministry of Mines - Canada
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Heidelberg Cement - Germany
- Medco Energi Mining Internasional
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- MS Steel International - UAE
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
- Sree Jayajothi Cements Limited - India
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- Ministry of Finance - Indonesia
- The University of Queensland
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- Pendopo Energi Batubara - Indonesia
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- Wilmar Investment Holdings
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- McConnell Dowell - Australia
- San Jose City I Power Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- Sindya Power Generating Company Private Ltd
- Kideco Jaya Agung - Indonesia
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- Independent Power Producers Association of India
- Bulk Trading Sa - Switzerland
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Marubeni Corporation - India
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- Timah Investasi Mineral - Indoneisa
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- India Bulls Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Dalmia Cement Bharat India
- Altura Mining Limited, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Antam Resourcindo - Indonesia
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- Vizag Seaport Private Limited - India
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- Wood Mackenzie - Singapore
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- Madhucon Powers Ltd - India
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- Parliament of New Zealand
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- Australian Coal Association
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Agrawal Coal Company - India
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
- Kepco SPC Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Deloitte Consulting - India
- Kaltim Prima Coal - Indonesia
- Aditya Birla Group - India
- Ind-Barath Power Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Meenaskhi Energy Private Limited - India
- Kobexindo Tractors - Indoneisa
- Lanco Infratech Ltd - India
- Ministry of Transport, Egypt
- Tata Chemicals Ltd - India
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- AsiaOL BioFuels Corp., Philippines
- European Bulk Services B.V. - Netherlands
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